Mookhey plots NSW’s return to surplus in two years

Samantha HutchinsonNational reporter

Updated Sep 19, 2023 – 6.19am, first published at Sep 18, 2023 – 11.59pm

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NSW will return to surplus within two years under the Minns Labor government’s first budget, despite more than $18 billion in new spending initiatives and an $8 billion budget shortfall predicted for 2023-24.

Treasurer Daniel Mookhey has prepped the state for more cuts and new taxes as he embarks on a budget repair program after COVID-19 and election-year spending under the former Perrottet government pushed the state’s deficit to $10 billion in 2022-2023 and net debt to $80 billion.

correction —

Correction: An earlier version of the article incorrectly stated the NSW budget is expected to return to surplus in three years, rather than two.

Samantha Hutchinson is the AFR's National Reporter. Most recently, she was CBD columnist for The Sydney Morning Herald and The Age. Before that, she covered Victorian and NSW politics and business for The Australian, the AFR and BRW Magazine.